109 E Bahama St #2 · South Padre Island, TX 78597

$290,000

2 bd · 2.0 ba · 1,054 sqft · Condo · 305 Days on market

Built 1997 Good condition $275/sqft · 12% below area Est $328k · 12% under $718/mo HOA · 28% of rent ↓ 9% since listing

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +12.7/15.0
• Cash flow +4.6/30.0
• Condition / age +3.8/5.0
• 1% rule +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedrm/ 2 bathrm, Sleeps 6, Pool, Children welcome, 2-3 minute walk to beach access, 1st floor. SEE DETAILS. Our La Perla condo rentals are located at 109 E. Bahama st. on the South Padre Island beach side. Living area features large cable tv. , sofas and comfortable chairs. Master bedroom has complete furnishings, large cable tv. large closet and king size bed with comfortable bedding. Second bedroom has complete furnishings, large closet and 2 queen size beds. Kitchen features full size refrigerator, stove, microwave, coffee maker and a complete set of everything necessary to create meals. Dining features a dining table for four persons and several bar stools at the bar area. Enjoy a morning cup of coffee or afternoon drink on our balcony with a table and two chairs, overlooking the swimming pool.

Key facts

• Balcony
• Complete furnishings
• Beach access

Tags

• BEACH ACCESS
• COMPLETE FURNISHINGS
• FULL SIZE REFRIGERATOR
• DINING TABLE
• BALCONY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $290k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (57.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (13.0% below list).
• Recommended offer: $123k (57.7% below list) — sets the bar for cash-flow.
• Cap rate 3.3% vs local median 1.8% in South Padre Island — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 60/100 on livability (#1,077 in TX) — a middle-class / working-renter tenant base. Strengths: housing B; Watch: amenities C-, crime F, commute F.
• Point Isabel ISD (town): math 14% / reading 31% proficiency, ranked #756 of 826 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Port Isabel J H (math 10% / reading 29%, grade F, #1,445 of 1,662 statewide, top 88%, 425 students, 84% FRL) — zoned schools average 84% FRL vs 35% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 688 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 36d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).
• This rent runs 44% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Cameron County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 305 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 28% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,704 (57.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 305 days. Have you received any prior offers? Is the seller open to a 58% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
12. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 3.27%
• Cash-on-cash: -10.78%
• DSCR: 0.52
• GRM: 9.6

CMA / ARV

• ARV (median comp): $328,050
• List price: $290,000
• Delta: -11.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 E Mesquite St Unit A	0.18mi	2/2.0	1,090 (+3%)	1mo	$395,000	$362	85
3608 Gulf Blvd Unit 303A	0.20mi	2/2.0	986 (-6%)	2mo	$499,900	$507	79
130 E Retama St #3	0.18mi	2/2.0	1,169 (+11%)	2mo	$325,000	$278	71
113 E Retama St #10	0.12mi	2/2.0	850 (-19%)	3mo	$315,000	$371	67
2401 Gulf Blvd #212	0.46mi	2/2.0	1,102 (+5%)	5mo	$349,000	$317	67
114 E Swordfish St E #7	0.28mi	2/2.0	931 (-12%)	2mo	$362,000	$389	66
201 W Oleander St #6	0.39mi	2/2.0	1,166 (+11%)	2mo	$270,000	$232	63
107 E Georgia Ruth Dr	1.09mi	2/1.5	1,042 (-1%)	3mo	$495,000	$475	59
111 E Morningside Dr #209	1.25mi	2/2.0	1,040 (-1%)	5mo	$338,000	$325	59
111 E Venus Ln #3	0.63mi	3/2.0 (+1)	1,109 (+5%)	4mo	$355,000	$320	54
2100 Gulf Blvd #803	0.66mi	2/2.0	1,226 (+16%)	0mo	$575,000	$469	44
129 E Cora Lee Dr #101	1.20mi	2/2.0	814 (-23%)	2mo	$325,000	$399	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -49.5%
• Equity multiple: -0.48×
• Total profit: $-119,886
• Equity at exit: $43,240

10-year hold

• IRR: -93.7%
• Equity multiple: -1.42×
• Total profit: $-196,200
• Equity at exit: $25,074

Cash invested: $81,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 2 active · 4 under contract
• Median asking: $467,000 ($415/sqft)
• Median days on market: 175 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -25.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 78597

• Home prices YoY: -13.5%
• Active inventory: 688
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,522 high
• Mortgage (P&I): −$1,521
• Tax est. 1.5%: −$362 /mo · $4,350/yr
• Insurance: −$121
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$718
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $-1,156

Break-even live

Break-even rent $3,986

Max offer price $122,704

Occupancy floor —

Sensitivity live

Price	-10% $-956	-5% $-1,056	+0% $-1,156	+5% $-1,256	+10% $-1,357
Rent	-10% $-1,355	-5% $-1,256	+0% $-1,156	+5% $-1,057	+10% $-957
Rate	-1.0pp $-1,010	-0.5pp $-1,082	base $-1,156	+0.5pp $-1,231	+1.0pp $-1,308

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $72,500
• Closing costs: $8,700
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 E Bahama St #7 South Padre Island, TX	2.0	2.0	992	$2,200	$2.22	51d	1	0.01mi
107 E Bahama St #7 South Padre Island, TX	2.0	2.0	992	$2,200	$2.22	10d	1	0.01mi
118 E Campeche St Unit 1515050P South Padre Island, TX	2.0	2.0	990	$4,170	$4.21	162d	1	0.07mi
117 E Campeche St Unit 1470134P South Padre Island, TX	2.0	2.0	1194	$3,682	$3.08	162d	1	0.09mi
114 E Atol St #4 South Padre Island, TX	2.0	2.0	853	$2,100	$2.46	184d	1	0.09mi
109 E Retama St #7 South Padre Island, TX	2.0	2.0	885	$2,100	$2.37	10d	1	0.11mi
109 E Retama St #7 South Padre Island, TX	2.0	2.0	885	$2,100	$2.37	1d	1	0.11mi
110 E Retama St Unit 4 South Padre Island, TX	3.0	4.0	1261	$2,200	$1.74	184d	1	0.14mi
110 E Retama St Unit 1 South Padre Island, TX	3.0	3.0	1500	$2,000	$1.33	184d	1	0.14mi
206 W Bahama St South Padre Island, TX	2.0	1.0	1200	$2,799	$2.33	184d	1	0.17mi
200 W Retama St Unit B South Padre Island, TX	2.0	1.0	800	$2,000	$2.50	0d	1	0.19mi
200 W Retama St Unit A South Padre Island, TX	2.0	2.0	1150	$2,800	$2.43	0d	1	0.19mi
114 E Dolphin St Unit A South Padre Island, TX	2.0	2.0	1430	$2,950	$2.06	48d	1	0.20mi
114 E Dolphin St Unit A South Padre Island, TX	2.0	2.0	1430	$2,950	$2.06	35d	1	0.20mi
114 E Dolphin St Unit A South Padre Island, TX	2.0	2.0	1430	$2,950	$2.06	10d	1	0.20mi
3113 Laguna Blvd South Padre Island, TX	2.0	2.0	1000	$2,100	$2.10	0d	1	0.21mi
3113 Laguna Blvd South Padre Island, TX	2.0	2.0	1000	$2,100	$2.10	12d	1	0.21mi
3101 Gulf Blvd Unit 20 South Padre Island, TX	2.0	2.5	1126	$2,500	$2.22	10d	1	0.23mi
123 E Dolphin St Unit 2 South Padre Island, TX	2.0	1.0	995	$2,200	$2.21	184d	1	0.24mi
123 E Dolphin St Unit 2 South Padre Island, TX	2.0	1.0	995	$2,200	$2.21	8d	1	0.24mi
200 W Mesquite St #3 South Padre Island, TX	2.0	2.5	1106	$2,500	$2.26	10d	1	0.24mi
115 E Lantana St South Padre Island, TX	2.0	2.0	1168	$2,500	$2.14	29d	1	0.28mi
115 E Lantana St South Padre Island, TX	2.0	2.0	1168	$2,500	$2.14	10d	1	0.28mi
117 E Lantana St Unit 1515053P South Padre Island, TX	2.0	2.0	1108	$3,332	$3.01	154d	1	0.28mi
126 E Swordfish St Unit 6 South Padre Island, TX	3.0	2.5	1200	$3,600	$3.00	184d	1	0.30mi
126 E Swordfish St Unit 4 South Padre Island, TX	2.0	2.0	900	$2,660	$2.96	45d	1	0.30mi
126 E Swordfish St Unit 1 South Padre Island, TX	2.0	2.0	900	$2,660	$2.96	10d	1	0.30mi
126 E Swordfish St Unit 6 South Padre Island, TX	3.0	2.5	1200	$3,660	$3.05	10d	1	0.30mi
126 E Swordfish St Unit 8 South Padre Island, TX	3.0	2.5	900	$3,660	$4.07	45d	1	0.30mi
3900 Gulf Blvd #602 South Padre Island, TX	2.0	2.0	1167	$2,600	$2.23	184d	1	0.34mi
110 E Amberjack St Unit 1 South Padre Island, TX	2.0	2.0	856	$2,660	$3.11	10d	1	0.38mi
2615 Gulf Blvd South Padre Island, TX	2.0	1.5	1200	$2,250	$1.88	184d	1	0.39mi
102 E Gardenia St #8 South Padre Island, TX	3.0	2.0	1355	$2,595	$1.92	10d	1	0.42mi
110 Pike St #3 South Padre Island, TX	2.0	2.0	840	$1,600	$1.90	10d	1	0.43mi
132 E Gardenia St Unit 1515054P South Padre Island, TX	2.0	2.0	1162	$4,746	$4.08	154d	1	0.44mi
2500 Gulf Blvd Unit 102 South Padre Island, TX	2.0	2.0	1150	$3,000	$2.61	5d	1	0.47mi
2401 Gulf Blvd #110 South Padre Island, TX	2.0	2.0	1102	$2,500	$2.27	6d	1	0.47mi
109 E Venus Ln Unit 2 South Padre Island, TX	1.0	1.0	750	$1,450	$1.93	51d	1	0.62mi
109 E Venus Ln Unit 3 South Padre Island, TX	1.0	1.0	750	$1,150	$1.53	162d	1	0.62mi
107 E Venus Ln Unit 1 South Padre Island, TX	2.0	1.0	750	$1,275	$1.70	154d	1	0.63mi

HOA detail $718/mo · $8,616/yr condo

• Likely covers: cablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $290,000 Active 305 DOM
2. 2026-11-07
   days on market $290,000 Active 304 DOM
3. 2026-11-06
   days on market $290,000 Active 303 DOM
4. 2026-11-05
   days on market $290,000 Active 302 DOM
5. 2026-11-04
   days on market $290,000 Active 301 DOM
6. 2026-11-02
   days on market $290,000 Active 299 DOM
7. 2026-11-01
   days on market $290,000 Active 298 DOM
8. 2026-10-31
   days on market $290,000 Active 297 DOM
9. 2026-10-30
   days on market $290,000 Active 296 DOM
10. 2026-10-29
    days on market $290,000 Active 295 DOM
11. 2026-10-28
    days on market $290,000 Active 294 DOM
12. 2026-10-27
    days on market $290,000 Active 293 DOM
13. 2026-10-26
    days on market $290,000 Active 292 DOM
14. 2026-10-25
    days on market $290,000 Active 291 DOM
15. 2026-10-24
    days on market $290,000 Active 290 DOM
16. 2026-10-23
    days on market $290,000 Active 289 DOM
17. 2026-10-22
    days on market $290,000 Active 288 DOM
18. 2026-10-21
    days on market $290,000 Active 287 DOM
19. 2026-10-20
    days on market $290,000 Active 286 DOM
20. 2026-10-19
    days on market $290,000 Active 285 DOM
21. 2026-10-18
    days on market $290,000 Active 284 DOM
22. 2026-10-17
    days on market $290,000 Active 283 DOM
23. 2026-10-16
    days on market $290,000 Active 282 DOM
24. 2026-10-15
    days on market $290,000 Active 281 DOM
25. 2026-10-14
    days on market $290,000 Active 280 DOM
26. 2026-10-13
    days on market $290,000 Active 279 DOM
27. 2026-10-12
    days on market $290,000 Active 278 DOM
28. 2026-10-11
    days on market $290,000 Active 277 DOM
29. 2026-10-10
    days on market $290,000 Active 276 DOM
30. 2026-10-09
    days on market $290,000 Active 275 DOM
31. 2026-10-08
    days on market $290,000 Active 274 DOM
32. 2026-10-07
    days on market $290,000 Active 273 DOM
33. 2026-10-06
    days on market $290,000 Active 272 DOM
34. 2026-10-05
    days on market $290,000 Active 271 DOM
35. 2026-10-04
    days on market $290,000 Active 270 DOM
36. 2026-10-04
    days on market $290,000 Active 269 DOM
37. 2026-10-02
    days on market $290,000 Active 268 DOM
38. 2026-10-01
    days on market $290,000 Active 267 DOM
39. 2026-09-30
    days on market $290,000 Active 266 DOM
40. 2026-09-29
    days on market $290,000 Active 265 DOM
41. 2026-09-28
    days on market $290,000 Active 264 DOM
42. 2026-09-27
    days on market $290,000 Active 263 DOM
43. 2026-09-26
    days on market $290,000 Active 262 DOM
44. 2026-09-25
    days on market $290,000 Active 261 DOM
45. 2026-09-24
    days on market $290,000 Active 260 DOM
46. 2026-09-23
    days on market $290,000 Active 259 DOM
47. 2026-09-22
    days on market $290,000 Active 258 DOM
48. 2026-09-21
    days on market $290,000 Active 257 DOM
49. 2026-09-20
    days on market $290,000 Active 256 DOM
50. 2026-09-18
    days on market $290,000 Active 254 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 30 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,266
• − Mortgage interest: −$16,245
• − Property taxes: −$4,350
• − Insurance: −$6,568
• − Repairs & maintenance: −$2,421
• − Management: −$2,421
• − HOA: −$8,616
• − Depreciation: −$8,436
• Taxable loss: −$18,792
• Est. tax savings @ 24.0%: +$4,510
• After-tax cash flow: $-9,364/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 6 photos

Good 75/100 Cosmetic rehab Est. rehab $5,270–$15,810 screening

This well-maintained and updated condo is ready for immediate occupancy, with a good condition score and minimal maintenance required.

Value-add opportunities

• Both Landscaping enhancement — Improves curb appeal and enhances property value. ↑
• Both Pool cleaning and maintenance — Keeps the pool area attractive and functional for potential buyers/renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Schools (NCES district)

• District: Point Isabel ISD
• NCES district ID: 4835250
• Math proficiency: 14% ▼ -24.00%
• Reading proficiency: 31% ▼ -10.00%
• Median HH income: $38,115
• Composite: 18.78/100
• National rank: #8871
• State rank: #756 of 826 in TX

C Composite livability gradescore 60/100

Livability — South Padre Island

• Score: 60/100
• State rank: #1077
• US rank: #19107

Category grades

Amenities C- Commute F Cost of living D- Crime F Employment B- Housing B Health & safety B- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Padre Island, TX
• County: Cameron County · 441,603 people
• Metro: Brownsville-Harlingen, TX
• Population (ZIP): 2,935
• Household income: $68,421
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 20% of renters

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Population outlook (Cameron County) Hauer SSP2

• Today (2025): 441,603 people
• By 2030: 448,113 · +1.5%
• By 2040: 456,385 · +3.3%
• By 2050: 456,294 · +3.3%
• By 2075: 423,851 · -4.0%
• By 2100: 342,787 · -22.4%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 15% Two or more races 7% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Languages at home: 88% English-only · Spanish 11% Other Indo-European 1%

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Political lean MEDSL · Cameron

• 2024 margin: Lean R (+5.8) · D 46.7% · R 52.5%
• 2008→2024 swing: -34.6pp toward R · 2008: 28.8pp · 2024: -5.8pp
• All cycles: 2024: R+5.8 2020: D+13.2 2016: D+32.5 2012: D+32.4 2008: D+28.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.59%
• Current HPI: 425.29
• Rent YoY: —
• Metro: Brownsville-Harlingen, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-9.1% since first listed

2 events — show timeline

• 2026-05-04 Price Changed $290,000 SPIBOR
• 2026-01-07 Listed $319,000 SPIBOR